User acceptance of social network-backed cryptocurrency : a unified theory of acceptance and use of technology (UTAUT)-based analysis
- Author
- Márk Recskó (UGent) and Marta Aranyossy
- Organization
- Abstract
- Turbulent market conditions, well-publicized advantages, and potential individual, social, and environmental risks make blockchain-based cryptocurrencies a popular focus of the public and scientific communities. This paper contributes to the literature on the future of crypto markets by analyzing a promising cryptocurrency innovation from a customer-centric point of view; it explores the factors influencing user acceptance of a hypothetical social network-backed cryptocurrency in Central Europe. The research model adapts an internationally comparative framework and extends the well-established unified theory of acceptance and use of the technology model with the concept of perceived risk and trust. We explore user attitudes with a survey on a large Hungarian sample and analyze the database with consistent partial least square structural equation modeling methodology. The results show that users would be primarily influenced by the expected usefulness of the new technology assuming it is easy to use. Furthermore, our analysis also highlights that while social influence does not seem to sway user opinions, consumers are susceptible to technological risks, and trust is an important determinant of their openness toward innovations in financial services. We contribute to the cryptocurrency literature with a future-centric technological focus and provide new evidence from an under-researched geographic region. The results also have practical implications for business decision-makers and policymakers.
- Keywords
- Cryptocurrency, Social media, Unified theory of acceptance and use of technology (UTAUT), Technology acceptance, Central-Eastern Europe, Hungary, Trust, Risk, PARTIAL LEAST-SQUARES, INFORMATION-TECHNOLOGY, CONSUMER ACCEPTANCE, PLS-SEM, ADOPTION, PERCEPTIONS, READINESS, INTENTION, BANKING, PAYMENT
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Citation
Please use this url to cite or link to this publication: http://hdl.handle.net/1854/LU-01HVV8PA0X2SSCC5WB92RRMC6D
- MLA
- Recskó, Márk, and Marta Aranyossy. “User Acceptance of Social Network-Backed Cryptocurrency : A Unified Theory of Acceptance and Use of Technology (UTAUT)-Based Analysis.” FINANCIAL INNOVATION, vol. 10, no. 1, 2024, doi:10.1186/s40854-023-00511-4.
- APA
- Recskó, M., & Aranyossy, M. (2024). User acceptance of social network-backed cryptocurrency : a unified theory of acceptance and use of technology (UTAUT)-based analysis. FINANCIAL INNOVATION, 10(1). https://doi.org/10.1186/s40854-023-00511-4
- Chicago author-date
- Recskó, Márk, and Marta Aranyossy. 2024. “User Acceptance of Social Network-Backed Cryptocurrency : A Unified Theory of Acceptance and Use of Technology (UTAUT)-Based Analysis.” FINANCIAL INNOVATION 10 (1). https://doi.org/10.1186/s40854-023-00511-4.
- Chicago author-date (all authors)
- Recskó, Márk, and Marta Aranyossy. 2024. “User Acceptance of Social Network-Backed Cryptocurrency : A Unified Theory of Acceptance and Use of Technology (UTAUT)-Based Analysis.” FINANCIAL INNOVATION 10 (1). doi:10.1186/s40854-023-00511-4.
- Vancouver
- 1.Recskó M, Aranyossy M. User acceptance of social network-backed cryptocurrency : a unified theory of acceptance and use of technology (UTAUT)-based analysis. FINANCIAL INNOVATION. 2024;10(1).
- IEEE
- [1]M. Recskó and M. Aranyossy, “User acceptance of social network-backed cryptocurrency : a unified theory of acceptance and use of technology (UTAUT)-based analysis,” FINANCIAL INNOVATION, vol. 10, no. 1, 2024.
@article{01HVV8PA0X2SSCC5WB92RRMC6D, abstract = {{Turbulent market conditions, well-publicized advantages, and potential individual, social, and environmental risks make blockchain-based cryptocurrencies a popular focus of the public and scientific communities. This paper contributes to the literature on the future of crypto markets by analyzing a promising cryptocurrency innovation from a customer-centric point of view; it explores the factors influencing user acceptance of a hypothetical social network-backed cryptocurrency in Central Europe. The research model adapts an internationally comparative framework and extends the well-established unified theory of acceptance and use of the technology model with the concept of perceived risk and trust. We explore user attitudes with a survey on a large Hungarian sample and analyze the database with consistent partial least square structural equation modeling methodology. The results show that users would be primarily influenced by the expected usefulness of the new technology assuming it is easy to use. Furthermore, our analysis also highlights that while social influence does not seem to sway user opinions, consumers are susceptible to technological risks, and trust is an important determinant of their openness toward innovations in financial services. We contribute to the cryptocurrency literature with a future-centric technological focus and provide new evidence from an under-researched geographic region. The results also have practical implications for business decision-makers and policymakers.}}, articleno = {{57}}, author = {{Recskó, Márk and Aranyossy, Marta}}, issn = {{2199-4730}}, journal = {{FINANCIAL INNOVATION}}, keywords = {{Cryptocurrency,Social media,Unified theory of acceptance and use of technology (UTAUT),Technology acceptance,Central-Eastern Europe,Hungary,Trust,Risk,PARTIAL LEAST-SQUARES,INFORMATION-TECHNOLOGY,CONSUMER ACCEPTANCE,PLS-SEM,ADOPTION,PERCEPTIONS,READINESS,INTENTION,BANKING,PAYMENT}}, language = {{eng}}, number = {{1}}, pages = {{29}}, title = {{User acceptance of social network-backed cryptocurrency : a unified theory of acceptance and use of technology (UTAUT)-based analysis}}, url = {{http://doi.org/10.1186/s40854-023-00511-4}}, volume = {{10}}, year = {{2024}}, }
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